The Federal Open Market Committee (FOMC) is a committee that consists of 12 voting members. The FOMC includes the seven members of the Federal Reserve Board of Governors and the five members who are drawn on a rotating basis from 11 Federal Reserve Bank presidents, a number that excludes the president of the Federal Reserve Bank of New York, who is a permanent voting member of the FOMC and who is the Vice Chairman of the Committee, with the Chairman of the Board of Governors in the position of Chairman of the FOMC.

The FOMC is composed of 12 members--the seven members of the Board of Governors and five of the 12 Reserve Bank presidents ... the president of the Federal Reserve Bank of New York is a permanent member of the Committee (Federal Reserve Bank of Richmond).

Thus of the 12 Federal Reserve Bank presidents, the Federal Reserve Bank of New York president is always a part of the Committee. The others serve one-year terms on a rotating basis.

FOMC meetings are attended by the 12 voting FOMC members; by the remaining non-voting member Reserve Bank presidents; and by a limited number of staff members.

Thus the statement that the presidents of all the 12 regional Reserve Banks attend the meeting to discuss economic conditions and monetary policy is true.

It is not true however that all 12 presidents (all of whom are in attendance) are voting members of the FOMC. The voting members are the seven on the Board of Governors and five regional Reserve Bank Presidents, a number that includes the permanent voting member, the president of the Federal Reserve Bank of New York.